Background: Health anxiety is associated with high distress, disability, and increased health service utilisation. However, there are relatively few epidemiological studies examining the extent of health anxiety or the associated socio-demographic and health risk factors in the general population. Aims: The current study aims to provide epidemiological data on health anxiety in the Australian population. Methods: Lifetime and current prevalence estimates, associations between comorbid disorders, psychological distress, impairment, disability, and mental health service utilisation were generated using the Australian 2007 National Survey of Mental Health and Wellbeing. Results: Health anxiety affects approximately 5.7% of the Australian population across the lifespan and 3.4% currently met criteria for health anxiety at the time of the interview. Age, employment status, smoking status, and comorbid physical conditions were significantly related to health anxiety symptoms. Health anxiety was associated with significantly more distress, impairment, disability, and health service utilisation than respondents without health anxiety. Conclusions: Health anxiety is non-trivial; it affects a significant proportion of the population and further research and clinical investigation of health anxiety is required.